Mortgage rates were mostly in a holding pattern this week, but still eked out the first increase since early June.
Overall, mortgage rates this summer have been dropping the past few weeks after sharp rises this spring. “A record number of people quit their job last month, most likely for a new opportunity with higher wages and better benefits,” says Sam Khater, Freddie Mac’s chief economist. “This positive trend, along with these lower mortgage rates, should increasingly give some previously priced-out prospective home buyers the financial wherewithal to resume their home search.”
Freddie Mac reports the following national averages with mortgage rates for the week ending July 12:
30-year fixed-rate mortgages: averaged 4.53 percent for the week, up from last week’s 4.52 percent average. Last year at this time, 30-year rates averaged 4.03 percent.
15-year fixed-rate mortgages: averaged 4.02 percent this week, up from last week’s 3.99 percent average. A year ago, 15-year fixed-rates averaged 3.29 percent.
5-year hybrid adjustable-rate mortgages: averaged 3.86 percent this week, down from 3.74 percent a week ago. A year ago, 5-year ARMs averaged 3.28 percent.
